The retail industry is booming like never before despite the turmoil caused by the COVID-19 pandemic. In fact, the National Retail Federation estimated that retail sales exceeded $4.44 trillion in 2021.
In 2022, global retail sales are expected to reach $26.69 trillion. According to Score, small retail businesses, which account for 98.6% of all retailer firms in the US, have an average gross margin of 51% and reported monthly revenue of $22,341.
If you’re considering starting a retail business in 2022, you have every chance of succeeding as the industry evolves and as more and more people shop at physical retail stores. And the boom in eCommerce aside, nearly 80% of shoppers still go to the store to buy an item they need.
If you’re already a retail business owner, chances are one goal of 2022 is to grow your business and improve your revenue. At KORONA POS, we have compiled ten must-read blog posts of 2021 that can help you run and grow your retail business. From inventory management to retail marketing strategies, find the most important blogs you need to read to transform your business in this guide.
Table of Contents
- Improving Employee Retention
- Handling Credit Card Declined Codes in Your Retail Store
- Best Tips For Running A Successful eCommerce Website
- Cutting Running Costs in Retail Stores
- SEO for eCommerce Retailers
- How to Increase Profits Margins
- The Benefits and Features of Automated Inventory Management for Retailers
- Driving Foot Traffic to Your Retail Store
- Factors to Consider When Using Overseas Suppliers
- Alternative Financing Options for Business
With the great wave of resignations that businesses currently face, employee retention has become much more important and essential for the smooth running of business operations.
A high staff turnover will cost you an arm and a leg, which the average business cannot afford. In addition, the customer experience is largely dependent on the service your employees provide.
Therefore, it is crucial to opt for a labor-management platform that can help you recruit the candidates that fit best for your business, train your staff, and involve them in the very heart of your business operations.
Credit card declined codes are all too common headache for retail store owners and managers. They can be due to several reasons. The most common include invalid card number and security code, insufficient funds, expired card, and activity limit exceeded.
That’s why it is imperative to know the most common decline codes that your customers may encounter and, instead of losing a sale, help them find a solution to their problem and help them make their payment. You can also learn more specifics, too, in our blog dedicated to listing all major credit card decline codes.
According to Digital Commerce 360, consumers spent more than $861 billion online with U.S. retailers in 2020. That’s a remarkable 44 percent jump from 2019 and nearly triple the 15.1 percent increase from the previous year.
Online shopping continues to grow and represents a significant portion of the total retail market. As a retailer, you should also plan to create an eCommerce website and know how to run it so that it can be successful.
The seven tips discussed in this guide are adapted to the demands of modern times to enable your online store to have a solid online presence.
You may also like Dropshipping 101: 12 Must-Know Tips For Online Retailers.
Running a retail store involves many operating costs that can make it difficult to track or measure your profits. Finding ways to reduce these costs to help your business make profits and grow is the way forward.
Reducing rent, saving time through automation, and limiting travel expenses are all steps that help to lower retail costs.
There are many ways to cut operating costs even though some operating costs are unavoidable, such as equipment, employee salaries, advertising, your inventory and shipping charges, etc.
Having an e-commerce site for your retail store is one thing, but getting your site to appear in the top organic search results is another. Over 95% of all organic search traffic comes from the first page of results.
It’s crucial to leverage SEO to get your products on the first pages of Google and boost your sales. For small retailers, it’s advisable to opt for a local and targeted SEO strategy. It allows your business to stand out and helps increase traffic to your premises through online leads.
Since these leads come from people specifically looking for products or services your business offers, they are also likely to give you a high conversion rate.
As a business owner, achieving a good profit margin should be one of your top priorities. However, knowing how to increase your profit margin requires strategic decision-making ranging from increasing the prices of your items, finding the best suppliers, a modern inventory management system, cutting costs, and a slew of other factors. This blog post gives you more tips on how you can increase your profit margins.
Even though inventory management is hardly necessary for a newly established small retail business, it becomes a must as it grows. Spreadsheets give way to automated inventory management software to handle critical operations such as replenishment, supplier relations, shipment tracking, inventory management notifications, and much more.
KORONA POS is an inventory management software ideally suited for retail businesses and equipped with features that allow you to have a holistic view of your business management. Moreover, KORONA POS is a cloud-based POS system meaning you can track all business related to your inventory even without being on your business premises. You can start a free trial here now to see how it works.
Finding the right business location is crucial in starting a small retail business. Choosing the best location means that you get regular foot traffic to your store. However, if your business location isn’t convenient for your business or you want to get more customers, there are several ways to drive more foot traffic to your retail store. Increasing the foot traffic to your will boost your sales and, of course, bring in more revenue for you.
Buying wholesale from suppliers has a considerable advantage for your company. Not only does it allow you to buy your items at wholesale prices, but you get exciting discounts with excellent profit margins if you manage to have an excellent relationship with them.
Sometimes local or national suppliers may be out of stock, and the only solution you’ll have is to turn to overseas suppliers or reach out to them when looking for specific products.
However, working with overseas suppliers can go south if you don’t consider certain factors. You must first make sure they’re trustworthy, and get testimonials from other retailers. Also, ensure they ship good quality products, and meet the deadlines. If you are considering using an overseas supplier, read this article to discover the other essential aspects to consider to avoid unpleasant experiences.
Financing is essential to growing your retail business. Even though banking institutions are less likely to grant loans to start-up businesses, they have several other financing alternatives to keep their business running. From business credit cards to merchant advances to SBA loans, retail and SMB owners have enough options to keep them from running out of financing. This article breaks down eight alternative financing options you can use. Read on to learn more.
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